Ajay Rastogi, J. - (1.) Instant petition has been filed by the petitioner who is principal borrower assailing the proceedings initiated by respondent-financial institution (secured creditor) u/s.13(2) & (4) of the Act,2002. It has been alleged in the writ petition that petitioner along with his wife as co-applicant took loan after mortgaging their residential property with the financial institution-respondent and credit facility amounting to Rs.33,33,000/- was sanctioned for a term loan under 120 monthly instalments of Rs.48,788/- each at floating rate of interest. However, on committing default in making payment of regular instalment respondent made their account NPA and sent a notice u/s.13(2) of the Act which was served upon the petitioner on the address shown in the loan application form furnished but it could not be served and was published in newspaper on 22.08.2010. However, pursuant thereto the petitioner did not submit any written objection u/s.13(3A) of the Act within the statutory period provided under the Act. It appears from the record that prior thereto the petitioner through his counsel served a legal notice dt.30.06.2010 (Annx.4), which was responded by the respondent by filing para-wise reply (Annx.5) but before the respondent proceeded further after expiry of statutory period of sixty days u/s.13(2) of the Act, the petitioner approached this Court by filing instant petition.
(2.) It has come on record that during pendency of the proceedings, notice u/s.13(4) of the Act has also been published by the respondent in the newspaper and opportunity was granted to the petitioner to repay the loan within a further period of thirty days.
(3.) Counsel for petitioner submits that due drawn statement of account has not been furnished to the petitioner and he is completely unaware of the basis on which outstanding dues referred to by the respondent in the notice published have been computed. He further submits that reasonable opportunity of hearing of submitting objections provided u/s.13(3A) of the Act was also not afforded to him, in absence whereof action of the respondent is in violation of principles of natural justice.;